#FinancialBytes: 6 apps that help you send money aboard
What's the story
Sending money abroad was once an extremely complicated process but the advent of technology and Internet has made the process quite simple and fast.
People can now make payments or send money to their loved ones abroad as a gift, for their educational expenses or maintenance right, from their phones using apps.
Here are 6 smartphone apps for sending money abroad from India.
PayPal
PayPal lets you send payments globally in safer way
PayPal is a popular platform for sending money abroad. Users can transfer money from their PayPal account to another account directly or shop on international sites.
However, due to RBI restrictions in India, PayPal cannot be used to send money to friends or relatives living abroad. But, one can make payments to international sellers who send an invoice or request money using PayPal.
Payza
Shop online internationally or send money to friends using Payza
Payza is another popular app that helps in transferring money online from India. It lets you send money instantly to your loved ones for free and shop online internationally.
One needs to load money into their Payza wallet using credit cards, bank wire, or using Bitcoins. Before sending money, they also need to add a payee. Also, users can receive funds from other countries.
BookMyForex
BookMyForex, the faster and economical way to transfer money
BookMyForex is a Gurugram-based currency exchange marketplace. Its mobile app is one of the economical ways to transfer money.
It lets users compare different services from partner banks and find the best option suiting their needs. They need to select their location, currency, and enter an amount to get started.
BookMyForex doesn't charge any fee for sending money abroad from India (bank's charges apply).
ExTravelMoney
Get instant quotes for sending money abroad using ExTravelMoney
ExTravelMoney app is an aggregator of almost all forex services provided by banks, financial institutions, and authorized money-changers in India.
Users can get instant quotes which they can compare before directly booking a forex service on ExTravelMoney. They can select "Transfer Money Abroad", select currency, enter amount, and choose the purpose to and transfer funds.
ExTravelMoney doesn't charge any fees for using its services.
InstaReM
InstaReM recently launched outward remittance services in India
InstaReM is among the popular cross-border money transfer apps. It recently launched outbound money transfer services from India in collaboration with DCB Bank.
Once the services are rolled out, Indian users would be able to make fast, convenient, and cost-effective money transfers abroad from India by adding a payee and setting up transfers for various purposes, including overseas education, medical treatment, international travel, etc.
Skrill
Skrill app offers convenient and easy international payment service
Skrill is another leading app that lets users make international money transfers from India to many countries.
It charges a 1.45% fee on the amount being transferred. According to its website, Skrill is charging zero send-money fees until 31 July for transferring money directly to one's bank account.
One can transfer money from their bank directly or use their Skrill wallet for the same.